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Bristol,Inc paid $800 for a 4-month insurance policy, for a duration of August to November, on August 1 of the current year. On August 31,
Bristol,Inc paid $800 for a 4-month insurance policy, for a duration of August to November, on August 1 of the current year. On August 31, Bristol, Inc. made an adjusting entry to account for the insurance that expired during the month of August. The adjusting entry contained a debit to insurance expense in the amount of ??- and a credit of prepaid insurance in the amount of ??. The remaining balance in the prepaid insurance account after the adjustment was
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